Egypt's transactions with the global economy led to an overall balance of payments (BOP) deficit of $409.6 million in the first half (July/December 2023) of FY 2023/2024, contrasting with a surplus of $599.1 million in the same period the previous year, as reported by the Central Bank of Egypt (CBE).
According to the CBE's report, the current account deficit amounted to $9.6 billion, up from $1.8 billion.
The deficit in the account is attributed to a 20.0% increase in the trade deficit, reaching $18.7 billion, and a 20.2% decrease in net unrequited current transfers, amounting to $9.4 billion, alongside a 15.7% decline in the surplus of the services balance, which reached $9.2 billion.
Conversely, the capital and financial account saw a net inflow of $8.4 billion, compared to $2.8 billion.
Additionally, foreign direct investment (FDI) in Egypt saw a net inflow of $5.5 billion.
The CBE highlighted that portfolio investment in Egypt experienced a net inflow of $252.8 million, contrasting with a net outflow of $3 billion.
